Yen loiters around 150 as Middle East anxiety heightens

Japan's yen took the spotlight in Asia on Monday, circling near the 150-per-dollar level in a tug of war between investors betting on a further rise in dollar yields and those expecting Japanese authorities will intervene in markets. The week kicks off with growing worries about the Middle East conflict as Israel bombarded Gaza with air strikes early on Monday, extending a two-week bombardment that began after an Oct. 7 rampage by Islamist group Hamas on southern Israeli communities, and as the United Statese dispatched more military assets to the region. U.S. Treasuries were subdued as investors hunkered down for a European Central Bank meeting and U.S. GDP data later in the week.